- Stable imported ore prices fail to support export offers
- Surplus supply drags silico manganese market slightly lower
Silico manganese export prices remained under pressure in the week ended 23 February, weighed down by lower offers from overseas buyers despite stable imported manganese ore prices. Need-based buying in the market has further strained smelters and exporters, limiting their pricing power. A few transactions concluded at lower levels have effectively set a softer benchmark for the market. In response, some smelters have refrained from selling at discounted rates. Additionally, Lunar New Year holidays in several Far East countries reduced inquiries for Indian material, adding to the downward pressure on prices.
BigMint’s assessment on 23 February 2026 reveals silico manganese export prices down slightly by $8/t across grades. The 65-16 variant stood at $918/t FOB, down by $6/t w-o-w from $924/t FOB on 16 February, while the 60-14 grade was assessed at $821/t FOB, dropped $9/t w-o-w.
Market overview
Lunar holiday lull caps upside in imported mn ore market: Imported manganese ore prices remained steady in the week ended 20 February, reflecting cautious sentiment in the domestic manganese alloys market. Although alloy prices showed a slight recovery on the back of need-based demand from steel mills, muted inquiries from China due to the Lunar New Year holiday period (ending 24 February 2026) capped further upside and kept overall market activity stable. During the week, Australian high-grade ore (Mn 46%) held unchanged at $5.55/dmtu CNF Haldia/Vizag, Gabonese high-grade ore (Mn 44%) remained steady at $5.19/dmtu, and South African lumps (Mn 37%) were also flat at $4.62/dmtu, indicating a balanced market with limited volatility.
Thin buying interest tips market balance toward buyers: Smelters are feeling the strain from lower overseas offers, as buyers are quoting bids below $900/t FOB for 65/16 grade, indicating stronger buyer control over the market. Additionally, surplus supply has emerged due to reduced inquiries from key Far East markets such as Vietnam, South Korea, and Indonesia, which has further pressured prices. As a result, the market has witnessed a slight decline amid subdued demand and cautious purchasing activity.
Outlook
Export prices may witness a slight decline in the near term as overseas buyers continue to procure material on a need-based basis rather than building inventories. This cautious purchasing approach has limited demand visibility for exporters and kept upward price momentum in check, indicating a soft market tone in the short term unless buying interest improves.
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